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Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
 The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strain on healthcare systems, COVID-19 also adversely impacted global businesses, trade, supply chains and economies. The maritime industry has been faced with extended regulatory constraints on international, national and regional levels in an attempt to contain the spread of the pandemic. Our industry has once again dynamically adapted to change by embracing the “new normal” modus operandi that the virus has imposed on shipping.
On the dry bulk ship supply side, the world fleet has increased by about 350 vessels y-o-y at an approximate 3.4% annual growth rate whereas growth rates in 2019 and 2018 were 2.5% and 2% respectively. The current dry bulk orderbook – excluding slippage/cancellations – stands below 6% of the world fleet. As expected, dry bulk order replenishment in 2020 has been minimal to date; the sector’s orderbook diminished y-o-y by about 200 vessels. The number of vessels aged over 25 years has increased by around 50 from last September while 20-plus year-old bulk carriers constitute about 9.5% of the dry bulk fleet.
The 171-tanker y-o-y vessel fleet increase (just over 3% of total fleet) was led by the MR segment and comprised of 74 MR, 40 VLCC, 18 Suezmax, 16 Aframax/LR2, 14 Handy and 9 Panamax/LR1 vessel additions. All-in-all this was a good year for tankers; the tanker orderbook is marginally smaller as compared to September 2019 – it is down by ca. 15 vessels. It is worth noting that the tanker orderbook had declined by over 100 vessels last year. The current tanker orderbook to fleet ratio is about 7% which is a 5-year low and the 20-plus year-old vessel fleet recorded an increase of around 100 ships.
The tough measures employed globally to limit the spread of COVID-19 have caused an economic slowdown in both emerging and developed nations. A number of countries have thus far avoided severe economic adversities via the use of aid from sizeable fiscal and monetary policy support packages. Economic growth forecasts for all regions are dire and a worldwide GDP contraction is projected (at least) for 2020. However, the current freight market (especially for the dry segment) illustrates that there is still a growing demand for seaborne transportation. It can be argued that the pandemic is just an “additional” disruption which the shipping industry is charged with tackling. This disruption is analogous to previous shipping market suppressants such as production interruptions, economic concerns and political instability. At the end of the day, one has to be reminded that shipping is an infinite game and its perpetuation should be the key governing objective behind all of its players.
By Theodore Ntalakos
SnP Broker
Compiled by:
Intermodal Research & Valuations
Analysts:
Ms Eva Tzima
Mr.George Panagopoulos
Disclaimer and legal disclosure: For any further queries please do not hesitate to contact our Research & Valuations Department. The information contained in this report has been obtained from various sources, as reported in the market. Intermodal Shipbrokers Co. believes such information to be factual and reliable without making guarantees regarding its accuracy or completeness. Whilst every care has been taken in the production of the above review, no liability can be accepted for any loss or damage incurred in any way whatsoever by any person who may seek to rely on the information and views contained in this material. This report is being produced for the internal use of the intended recipients only and no reproducing is allowed, without the prior written authorization of Intermodal Shipbrokers Co.
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Monday, 29 March 21
MOODY'S: OUTLOOK FOR GLOBAL METALS AND MINING INDUSTRY TURNS POSITIVE ON HIGHER EBITDA IN PANDEMIC'S WAKE
- Demand for steel, iron ore and copper will rise, while aluminum, nickel and zinc will remain in surplus
- EBITDA is expected to ...
Thursday, 25 March 21
'OMNIBUS LAW' REGULATION ON INDONESIA’S ENERGY AND MINING SECTORS TO BOOST COAL PROCESSING BUT ALSO RAISES QUESTIONS - ABNR
February 2021 saw the issuance of a raft of new government regulations to give effect to the reformist Job Creation Law (colloquially known as the ...
Thursday, 25 March 21
PROPOSED SWITCH FROM COAL TO LNG THREATENS RENEWABLE ENERGY DEVELOPMENT IN ASIA - IEEFA
Renewables offer an ever cheaper, financially sustainable and energy secure alternative, better able to support developing nations
A ...
Thursday, 25 March 21
MAJOR INVESTMENT ADVISORS BLACKROCK AND MEKETA PROVIDE A FIDUCIARY PATH THROUGH THE ENERGY TRANSITION - IEEFA
BlackRock and Meketa say divestment from fossil fuels improves, not weakens, investment returns
Two major financial management firms ...
Thursday, 25 March 21
EUROPE PASSES MILESTONE WITH HALF OF COAL PLANTS CLOSED OR SET TO RETIRE BY 2030 - EURACTIV
Half of Europe’s 324 coal-fueled power plants have either closed or announced a retirement date before 2030, it emerged on Monday (22 March) ...
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- Xindia Steels Limited - India
- Australian Coal Association
- TeaM Sual Corporation - Philippines
- Petron Corporation, Philippines
- New Zealand Coal & Carbon
- AsiaOL BioFuels Corp., Philippines
- Madhucon Powers Ltd - India
- SMG Consultants - Indonesia
- Electricity Generating Authority of Thailand
- Ambuja Cements Ltd - India
- Semirara Mining and Power Corporation, Philippines
- Mintek Dendrill Indonesia
- Tamil Nadu electricity Board
- SN Aboitiz Power Inc, Philippines
- Aditya Birla Group - India
- Krishnapatnam Port Company Ltd. - India
- Kepco SPC Power Corporation, Philippines
- Kapuas Tunggal Persada - Indonesia
- PowerSource Philippines DevCo
- Interocean Group of Companies - India
- Thiess Contractors Indonesia
- Energy Link Ltd, New Zealand
- The Treasury - Australian Government
- Banpu Public Company Limited - Thailand
- Kaltim Prima Coal - Indonesia
- Rio Tinto Coal - Australia
- GMR Energy Limited - India
- McConnell Dowell - Australia
- Offshore Bulk Terminal Pte Ltd, Singapore
- Price Waterhouse Coopers - Russia
- Indonesian Coal Mining Association
- Bhatia International Limited - India
- Kideco Jaya Agung - Indonesia
- Petrochimia International Co. Ltd.- Taiwan
- Jorong Barutama Greston.PT - Indonesia
- OPG Power Generation Pvt Ltd - India
- Orica Australia Pty. Ltd.
- Neyveli Lignite Corporation Ltd, - India
- PetroVietnam Power Coal Import and Supply Company
- Kalimantan Lumbung Energi - Indonesia
- Globalindo Alam Lestari - Indonesia
- Meenaskhi Energy Private Limited - India
- Dalmia Cement Bharat India
- Kobexindo Tractors - Indoneisa
- Holcim Trading Pte Ltd - Singapore
- Australian Commodity Traders Exchange
- Romanian Commodities Exchange
- SMC Global Power, Philippines
- Alfred C Toepfer International GmbH - Germany
- Riau Bara Harum - Indonesia
- Eastern Coal Council - USA
- IEA Clean Coal Centre - UK
- Tata Chemicals Ltd - India
- TNB Fuel Sdn Bhd - Malaysia
- Jaiprakash Power Ventures ltd
- Chettinad Cement Corporation Ltd - India
- The University of Queensland
- Ministry of Finance - Indonesia
- San Jose City I Power Corp, Philippines
- Samtan Co., Ltd - South Korea
- Trasteel International SA, Italy
- Bharathi Cement Corporation - India
- Wood Mackenzie - Singapore
- Bangladesh Power Developement Board
- Metalloyd Limited - United Kingdom
- Electricity Authority, New Zealand
- Directorate General of MIneral and Coal - Indonesia
- Medco Energi Mining Internasional
- Meralco Power Generation, Philippines
- Singapore Mercantile Exchange
- Grasim Industreis Ltd - India
- Iligan Light & Power Inc, Philippines
- Truba Alam Manunggal Engineering.Tbk - Indonesia
- CIMB Investment Bank - Malaysia
- Central Java Power - Indonesia
- Ind-Barath Power Infra Limited - India
- MS Steel International - UAE
- Larsen & Toubro Limited - India
- Asia Pacific Energy Resources Ventures Inc, Philippines
- Indogreen Group - Indonesia
- IHS Mccloskey Coal Group - USA
- Chamber of Mines of South Africa
- Gujarat Electricity Regulatory Commission - India
- Sojitz Corporation - Japan
- Toyota Tsusho Corporation, Japan
- Pendopo Energi Batubara - Indonesia
- London Commodity Brokers - England
- Global Business Power Corporation, Philippines
- Posco Energy - South Korea
- CNBM International Corporation - China
- Kohat Cement Company Ltd. - Pakistan
- Orica Mining Services - Indonesia
- Marubeni Corporation - India
- Maharashtra Electricity Regulatory Commission - India
- Rashtriya Ispat Nigam Limited - India
- Karbindo Abesyapradhi - Indoneisa
- Indian Energy Exchange, India
- White Energy Company Limited
- Borneo Indobara - Indonesia
- Videocon Industries ltd - India
- Coal and Oil Company - UAE
- Star Paper Mills Limited - India
- PTC India Limited - India
- Directorate Of Revenue Intelligence - India
- Timah Investasi Mineral - Indoneisa
- Bukit Baiduri Energy - Indonesia
- Savvy Resources Ltd - HongKong
- Maheswari Brothers Coal Limited - India
- Formosa Plastics Group - Taiwan
- Altura Mining Limited, Indonesia
- Kartika Selabumi Mining - Indonesia
- Vedanta Resources Plc - India
- European Bulk Services B.V. - Netherlands
- Agrawal Coal Company - India
- Africa Commodities Group - South Africa
- Sinarmas Energy and Mining - Indonesia
- Bahari Cakrawala Sebuku - Indonesia
- Thai Mozambique Logistica
- GN Power Mariveles Coal Plant, Philippines
- Minerals Council of Australia
- Central Electricity Authority - India
- Economic Council, Georgia
- Edison Trading Spa - Italy
- Bhushan Steel Limited - India
- Sree Jayajothi Cements Limited - India
- Coastal Gujarat Power Limited - India
- Ministry of Mines - Canada
- Global Green Power PLC Corporation, Philippines
- Latin American Coal - Colombia
- LBH Netherlands Bv - Netherlands
- Parry Sugars Refinery, India
- ASAPP Information Group - India
- Straits Asia Resources Limited - Singapore
- Mjunction Services Limited - India
- Merrill Lynch Commodities Europe
- Carbofer General Trading SA - India
- Salva Resources Pvt Ltd - India
- Vizag Seaport Private Limited - India
- Cigading International Bulk Terminal - Indonesia
- Indian Oil Corporation Limited
- Bulk Trading Sa - Switzerland
- Filglen & Citicon Mining (HK) Ltd - Hong Kong
- Parliament of New Zealand
- The State Trading Corporation of India Ltd
- Dr Ramakrishna Prasad Power Pvt Ltd - India
- Power Finance Corporation Ltd., India
- India Bulls Power Limited - India
- Sarangani Energy Corporation, Philippines
- GVK Power & Infra Limited - India
- Renaissance Capital - South Africa
- Intertek Mineral Services - Indonesia
- Essar Steel Hazira Ltd - India
- Semirara Mining Corp, Philippines
- Anglo American - United Kingdom
- Uttam Galva Steels Limited - India
- Port Waratah Coal Services - Australia
- Siam City Cement PLC, Thailand
- Siam City Cement - Thailand
- Lanco Infratech Ltd - India
- Vijayanagar Sugar Pvt Ltd - India
- Baramulti Group, Indonesia
- Malabar Cements Ltd - India
- Bank of Tokyo Mitsubishi UFJ Ltd
- Georgia Ports Authority, United States
- Sindya Power Generating Company Private Ltd
- GAC Shipping (India) Pvt Ltd
- Bhoruka Overseas - Indonesia
- Mercator Lines Limited - India
- VISA Power Limited - India
- Heidelberg Cement - Germany
- Wilmar Investment Holdings
- Sical Logistics Limited - India
- PNOC Exploration Corporation - Philippines
- Barasentosa Lestari - Indonesia
- Attock Cement Pakistan Limited
- Ceylon Electricity Board - Sri Lanka
- Leighton Contractors Pty Ltd - Australia
- South Luzon Thermal Energy Corporation
- Deloitte Consulting - India
- Eastern Energy - Thailand
- Aboitiz Power Corporation - Philippines
- Ministry of Transport, Egypt
- Bayan Resources Tbk. - Indonesia
- Makarim & Taira - Indonesia
- Oldendorff Carriers - Singapore
- Kumho Petrochemical, South Korea
- Commonwealth Bank - Australia
- Billiton Holdings Pty Ltd - Australia
- Bukit Makmur.PT - Indonesia
- International Coal Ventures Pvt Ltd - India
- Indo Tambangraya Megah - Indonesia
- Energy Development Corp, Philippines
- Antam Resourcindo - Indonesia
- Simpson Spence & Young - Indonesia
- Goldman Sachs - Singapore
- Cement Manufacturers Association - India
- Jindal Steel & Power Ltd - India
- Karaikal Port Pvt Ltd - India
- Global Coal Blending Company Limited - Australia
- Gujarat Sidhee Cement - India
- Standard Chartered Bank - UAE
- Planning Commission, India
- Bukit Asam (Persero) Tbk - Indonesia
- Indika Energy - Indonesia
- ICICI Bank Limited - India
- Therma Luzon, Inc, Philippines
- Dong Bac Coal Mineral Investment Coporation - Vietnam
- Pipit Mutiara Jaya. PT, Indonesia
- Independent Power Producers Association of India
- Asmin Koalindo Tuhup - Indonesia
- Gujarat Mineral Development Corp Ltd - India
- Coalindo Energy - Indonesia
- Sakthi Sugars Limited - India
- Binh Thuan Hamico - Vietnam
- Mercuria Energy - Indonesia
- Manunggal Multi Energi - Indonesia
- Miang Besar Coal Terminal - Indonesia
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